SendFriend Raises Capital for a Blockchain Remittance Platform

SendFriend Raises Capital for a Blockchain Remittance Platform

Remittance service startup SendFriend announced
$1.7 million in funding capital to work in a blockchain-powered remittance platform that will reduce fees, according to a press release published by the company.

Following the funding round, SendFriend will partner with top names in the technology market such as MIT Media Lab, Barclays, the Mastercard Foundation, Ripple, and Techstars among others to build a system that cuts annual fees for remittances to the Philippines.

As the press release says, “through a partnership with blockchain company Ripple, SendFriend leverages xRapid to create a seamless money transfer experience. XRP is used as a liquidity vehicle for cross-border payments, enabling SendFriend to circumvent the corresponding banking system and convert USD to XRP to PHP in a matter of seconds.”

The blockchain-powered remittance platform will cut annual fees for overseas Filipino workers. Remittance services sum more than 45 billion dollars annually, and it takes 3-5 days per transaction; so, SendFriend aims to change that.

The project will work on a platform which fees will be 65% lower than the industry average as it will eliminate frictions and fees from the traditional banking system. SendFriend will change that for ultra low-cost experience to send money worldwide.

“We are humbled by the support of our investors, who share in our vision to reduce the costs and improve the experience for the millions of Overseas Filipino Workers (OFWs) who send money home to support their families,” said David Lighton, SendFriend co-founder and Chief Executive Officer. “This investment will allow us to build out our team, focus on community engagement, and marketing efforts.”

SendFriend is a startup focused in the Philippines. It was accepted into the Barclays Accelerator Program to build out its customer solution.

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